With every passing year, the adoption of cryptocurrency is expanding, and so are the rules and regulations associated with it. It is an ever-evolving domain, and to transact in it, one must be completely aware of the terms and conditions that bind it based on the country. In this article, we are highlighting some updated scenarios of cryptocurrency in some prominent countries of the world-
The Growing Adoption of Cryptocurrency in Japan
Financial Services Agency (FSA) of Japan has approved the last of the deemed cryptocurrency exchange in Japan. As of now, there are 21 FSA approved cryptocurrency operators in the nation. It has been only a couple of months since the country legalized cryptocurrency as a payment mode. The first 11 cryptocurrency exchange operators were registered on September 29, 2017. By the year 2018, there was a total of 16 deemed crypto exchange operators in Japan. However, post-FSA tightened its monitoring process; only three exchanges were left after merely two months. The agency began to resume registering crypto exchanges again this year.
Unfavorable Finance Scenario in Europe
The financial situation in Europe has been quite critical for the past couple of years. The fiscal report of 2018 revealed the region had faced some serious difficulties; however, despite all the reduction in cost, the situation remained somewhat the same in 2019. This year low-interest rates, competition from US banks, challenges from new regulatory added to the difficulty. In order to create a more favorable financial landscape for growth, Europe needs to focus more on digitalization. In Switzerland, the Crypto Valley comprises of more than 700 companies, and banks have begun to collaborate with these fintechs, to provide advanced digital services. Moreover, the government has also extended a detailed proposal to updated its financial, corporate, and banking infrastructure laws to include the digital asset industry. Additionally, new legislation has been passed in Germany that allows the banks in the country to exchange cryptocurrency from 2020.
Ukrainian Government to Support Crypto Startups with USD 75,000
Under the new Ukrainian Startup Fund, the government will finance innovative start-up ideas to support their growth. The country aims to spend around USD 18 million under this investment program. This fund will be distributed to new ventures by the end of 2019. The country aims to encourage the development of cryptocurrency exchange by supporting these start-ups with USD 75,000 each under government-sponsored grants. This special program set-up by Kiev authorities accepts applications from start-ups from various start-ups that include the blockchain industry.
Cryptocurrency Mining to be Tax-Free in Kazakhstan
Kazakhstan’s government will not be taxing crypto-mining until the mined crypto has been exchanged for money. The country will not be treating cryptocurrency mining as entrepreneurial operations; instead, they will be put under the technological process. The draft of this law has been finalized and is under consideration with the administration.
Central Bank of Sri Lanka to Develop Blockchain-backed KYC Platform
The growing demand for digitalized financial services has renders the Sri Lankan government the opportunity to adopt blockchain technology in order to create a KYC platform. The project is collaboration between the country’s central bank and the tech sector. With this, the government envisions to make financial services more efficient. The concept is still at its idea phase, and more updated is expected to come around soon.
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It is quite evident that countries across the world have realized the potentials of cryptocurrency to improve their financial sector. In the coming years, we can expect to witness more companies adapting to digital currency to improve their financial standings.